The TONIC price prediction is not looking very bullish as the coin has dipped to fresh lows. On Thursday, the price of Tectonic crypto dipped to the fresh lows of $0.000000250.This was mainly due to the sump in Bitcoin price dipped to record lows of $24,500 for the first time in 16 months. However, the markets have shown some recovery and most cryptocurrencies are up today. TONIC crypto has also gained 9.4% so far in today’s trading session.
Tectonic is a non-custodial and algorithmic money market protocol on Cronos (CRO) blockchain. Like other lending protocols, it allows users to lend and borrow funds without the need of any 3rd party. This also provides an opportunity for people to earn passive income from their crypto holdings.
According to official Tectonic news, its TVL is down by almost 30% since last week. This decrease in TVL is mainly due to falling the TONIC price. At the time of writing, the platform is boasting a total supply of $645 million of funds. The same figure was $953 million just last week. Total borrowed funds account for $283 million.
TONIC Price Prediction
Technical analysis of the TONIC USD price chart shows that the price has broken down from its key support of $0.000000383-$0.000000449. After breaking down key support, the previous support might act now as a strong resistance. Currently, the coin is 85.2% down from its all-time high and seems to be in a downwards spiral.
Any bullish TONIC price prediction seems to be invalidated at this point. The price is trading in a new region, and $0.000000250 seems like the only interest area. Therefore, bulls need to hold current levels and avoid any close below $0.000000250. An increase in TONIC staking might put a positive effect on its price. Currently, 5,460,000,000,000 are staked at the network equivalent to $1.54 million. This is only 12% of its total market cap.